The introduction of the Google wallet is
creating a sense of optimism surrounding contactless payment
methods among retailers, new research has found.
The android app transforms a
consumer’s phone to a mobile wallet by storing
virtual versions of existing plastic cards on a smartphone
and allowing payment through tapping the device.
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According to analyst firm ABI Research’s
2010 study of Cellular-enabled POS Terminals, ATMs, and Vending
Machines, 10% of total POS terminal shipments included some
form of contactless technology. The study predicts 85% of
terminals shipped worldwide will be contactless-enabled by
2016.
Craig Foster, a senior analyst at ABI
Research, said contactless technology has the potential to change
the way people pay for goods by significantly reducing time spent
queuing at the point of sale.
“It also represents an almost perfect fit for
the vending industry, because the increased speed and simplicity of
check-out go hand-in-hand with the very essence of the vending
machine,” he added.
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By GlobalData
